Bitcoin Breaks Above $55K, Here's What's Next
Breakout!
Bitcoin has finally managed to give operative opposition and to impress a new significant high above $55,500, successfully surpassing the early-Sep peak at 53,000. At the fourth dimension of writing, the flagship cryptocurrency is up 23.55% for the end 7 years and continues to be active north, which could ignoble that $59,000 resistance is the following destination.
Since the early days, Bitcoin has been a polarizing subject, with advocates happening both sides and with heel counter-arguments thrown in the mix every day. Naturally, we can't expect things to change now, and it seems that Bitcoin's recent surge has triggered one of these days another debate. Happening one hand, we make the bull Microphone Novogratz, while the bears are diagrammatical by Steve Hanke, an economic expert, and professor of applied economics at John Hopkins University.
Mike Novogratz, who is a renowned crypto investor and Chief executive officer of multi-billion dollar sign blockchain investment trust Galaxy Digital, recently said in a CNBC interview that he sees Bitcoin surpassing the highs and that the entire crypto market is set for "parabolic moves". In his words: "I literally see a scenario where we need prohibited the highs in Bitcoin, and we own combined of these parabolical moves altogether of crypto going into the quartern quarter." He too added that whole number assets that are bullish going into Q4, usually continue to go dormy because investors run to heap up in.
On the other hand, Professor Steve Hanke predicts a commercialize crash based on the basic principle that "what goes risen must fall", adding that "Bitcoin for sure International Relations and Security Network't exempt from this police force. BTC's extreme volatility & speculative nature attend to as reminders of the up and down law". His somber scenario sees Bitcoin As low as $10,000.
What goes functioning must come down and that's a fact, but the opposite is true as well in the markets: what goes down must rally and we could argue that Bitcoin is in the "going up" phase because it is recovering from $30,000 lows and it has not yet surpassed the Wholly-Time Luxuriously.
Chart Analytic thinking – BTC/USD
Since the reverberate on the bullish drift line seen on the Daily chart at a lower place, BTC has been climb aggressively and managed to surpass key levels, including the psychological ohmic resistanc at $50,000 and the previous peak at $53,000.
The green candles are long-term and full, the MACD lines are spread apart, and Mary Leontyne Pric is trading supra the 50 days Moving Average, which are all bullish signs that indicate that we may see a touch of $59,000 in the near future. However, the RSI is approaching the overbought storey, which may initiation a pause in the climb or a take a hop lower. If that is the subject, $53,000 may act As support.
Source: https://www.binaryoptions.net/bitcoin-breaks-above-55k-heres-whats-next/
Posted by: smithnighty.blogspot.com
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